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Introduction to KODIT & ACSIC

Introduction to KODIT & ACSIC. Table of Contents. Overview of KODIT Credit Guarantee Service of KODIT ACSIC at A Glance. Overview of KODIT. Not-for-profit corporation founded under the special law called the Korea Credit Guarantee Fund Act (1976)

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Introduction to KODIT & ACSIC

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  1. Introduction to KODIT & ACSIC

  2. Table of Contents • Overview of KODIT • Credit Guarantee Service of KODIT • ACSIC at A Glance

  3. Overview of KODIT • Not-for-profit corporation founded under the special law called the Korea Credit Guarantee Fund Act (1976) • Capital funds: USD 3.7 billion (As of the end of 2006) • Outstanding guarantee: USD 29.6 billion (’06) • No. of Guaranteed Companies : 203,096 (’06) • No. of employees: 2,139 (’06)

  4. Mission Contribute to the balanced development of the national economy Facilitate financing of enterprises Stimulate sound credit transaction Credit guarantees for the liabilities of promising enterprises Efficient management of credit information

  5. Framework of Supervision Fund Management Planning Operation Planning Governmental Contribution KODIT Ministry of Finance and Economy Ministry of Finance and Economy Small & Medium Business Admin Ministry of Planning and Budget National Assembly

  6. Table of Contents • Overview of KODIT • Credit Guarantee Service of KODIT • ACSIC at A Glance

  7. Framework Government Supervision Contribution Debtor Guarantor Creditor Credit Guarantee Fee SME KODIT Financial Institutions Credit Investigation Contribution Loan

  8. Approval Processes Consultation Application Credit Investigation 1st Step 2nd Step 3rd Step Approval & Issuance of Credit Guarantee Credit Evaluation 4th Step 5th Step

  9. Performance of KODIT (Unit : billion of KRW)

  10. KODIT & Asian Financial Crisis • Introduced Special Guarantee Programs to cope with the financial crisis in 1997 • Total 22 special guarantee programs • 250,130 cases / 30.8 trillion KRW • Played a critical role in bailing Korea out of the financial crisis • Revived the financial market • Acted as a social safety net

  11. Credit Guarantee & Korean Economy • Supports SMEs’ financing  promotes economic vitality by supporting SMEs, the driving force of economic growth • Contributes to building up a credit-based society  focusing on intangible resources rather than collateral • Contributes to balanced growth of the economy  eases the inequality • Between SMEs and Les • Among locals

  12. Table of Contents • Overview of KODIT • Credit Guarantee Service of KODIT • ACSIC at A Glance

  13. ACSIC at A Glance • Asia Credit Supplementation Institution Confederation (ACSIC) • Formed in 1987 • To promote the development of credit supplementation system for small business through exchange of information, discussion and interchange of personnel among member institutions

  14. Members of ACSIC • 16 institutions from 11 countries (including 2 observers) • Operates no permanent secretariat • Countries (No of member institutions) Indonesia (3), Japan (2), Korea (3), Malaysia (1), Nepal (1), Papua New Guinea (1), Philippines (1), Sri Lanka (1), Taiwan (1), Thailand (1), India (1)

  15. ACSIC Conference • ACSIC Conference • Held annually • Hosted by member institutions on a rotating basis • Consists of Summit meeting, Plenary session, etc. • 20th Conference held in Bali, Indonesia (5 Nov – 8 Nov) • Other Activities • ACSIC Training Program • Working-level Council between member institutions

  16. Case of Japan • JASME • Japan Finance Corporation for Small Business • Provides insurance services to NFCGC • NFCGC • National Federation of Credit Guarantee Corporations • 52 Credit Guarantee Corporations nationwide • Provide guarantees to SMEs in their municipalities • No of Employees : 5,778 • Outstanding Guarantees : 246 billion USD (2006)

  17. Summary • Characteristics of Asian Guarantee System A typical guarantee institution in Asian region • Is established by the government • Is founded by a special law • Relies on guarantee fees from guaranteed companies and government subsidies • Actively involves in the credit rating process

  18. Thank You KODIT Public Relations Office International Affairs Team Tel : (82) 2 710 4324 Website : www.kodit.co.kr E-mail : yppark@kodit.co.kr

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